Morning News Call - India, January 23

Reuters Staff

7 Min Read

To access the newsletter, click on the link:
here
If you would like to receive this newsletter via email, please register at: here
FACTORS TO WATCH
11:00 am: Telecom CEOs meeting with TRAI Chairman R.S. Sharma in New Delhi.
12:00 pm: United Spirits post-earnings analyst conference call in Mumbai.
12:30 pm: Finance Minister Arun Jaitley, Food Processing Minister Harsimrat
Kaur Badal, Junior Commerce Minister C.R. Chaudhary and other government
officials at ASEAN-India Business and Investment Meet & Expo in New Delhi.
12:30 pm: Textile Minister Smriti Irani at FICCI event in New Delhi.
3:30 pm: NIIT post-earnings analyst conference call in Mumbai.
4:00 pm: Can Fin Homes post-earnings analyst conference call in Mumbai.
4:00 pm: Symphony post-earnings analyst conference call in Mumbai.
GMF:LIVECHAT- DAVOS
From consumer privacy to the autonomous driving market and artificial
intelligence, China's biggest search engine Baidu faces many challenges. China’s
government has even highlighted Baidu as a nationally important firm for driving
the country’s goal to be an international AI leader. Ya-Qin Zhang, President in
charge of technology, emerging business, and global business operations, Baidu,
discusses his views at 01:30 pm IST. To join the conversation, click on the
link: here
China's central bank has been implementing reforms at a good pace to
deleverage and reduce risks to its banking system. Dr. Zhu Min, Former deputy
governor at the People's Bank of China, Deputy Managing Director at the
International Monetary Fund, joins GMF to discuss PBOC's options, its plans to
internatonalize the yuan and whether the Chinese economy is resilient enough to
deal with the risks it faces. To join the conversation at 0215 pm IST, click on
the link: here.
INDIA TOP NEWS
• India's oil ministry seeks cut in excise duty on petrol, diesel in budget
India's oil ministry is pushing for a cut in excise duty on petrol and
diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices
on its vast consumer base, two oil ministry officials told Reuters on
Monday.
• Axis Bank profit rises as bad loan additions slow
Axis Bank Ltd, India's third-biggest private sector lender by assets,
reported a 25 percent rise in quarterly net profit on higher interest and fee
incomes as well as a sharp slowdown in bad loan additions.
• India sees scope for more integration among state energy companies
India could see more integration among state oil companies, its oil minister
said on Monday, following top producer ONGC's $5.8 billion deal last week to buy
a majority stake in refiner Hindustan Petroleum Corp Ltd.
• Jaguar Land Rover to cut output due to Brexit, diesel uncertainty to hit
sales
Britain's biggest carmaker Jaguar Land Rover TAMO.NS will temporarily reduce
production at its northern English car plant in Halewood later this year in
response to weakening demand due to Brexit and tax hikes on diesel
cars.
• Asian Paints Q3 profit rises 19 percent, misses estimate
India's Asian Paints Ltd posted a 19 percent increase in third-quarter
profit on Monday, missing analysts' estimates.
GLOBAL TOP NEWS
• Government shutdown fizzles on spending, immigration deal in U.S. Congress
Congress voted on Monday to end a three-day U.S. government shutdown,
approving another short-term funding bill as Democrats accepted promises from
Republicans for a broad debate later on the future of young illegal immigrants.
• BOJ to sound cautious optimism on inflation, keep policy unchanged
Japan's central bank is set to keep monetary settings unchanged on Tuesday
and offer a cautiously optimistic view on the inflation outlook, nodding to
expectations that a strengthening recovery and a tightening job market may
prompt firms to lift wages.
• Trump slaps steep U.S. tariffs on imported washers, solar panels
U.S. President Donald Trump slapped steep tariffs on imported washing
machines and solar panels on Monday, giving a boost to Whirlpool Corp and
dealing a setback to the renewable energy industry in the first of several
potential trade restrictions.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 11,006.00, trading up 0.35 pct from
its previous close.
• The Indian rupee will likely trade steady-to-higher against the dollar in
opening session, tracking gains across global share markets, which could rub off
on domestic equity markets as well.
• Indian government bonds are likely to edge higher in early trade as New
Delhi will auction a lower-than-scheduled amount of debt at this week’s auction.
The yield on the 7.17 pct bond maturing in 2028 is likely to trade in a 7.24
pct-7.28 pct band today.
GLOBAL MARKETS
• U.S. stocks advanced on Monday as each of Wall Street's main scored
records in the wake of a deal by U.S. senators to end the federal government
shutdown.
• Asian stocks advanced after U.S. senators struck a deal to end a three-day
government shutdown, sending Wall Street's main indexes to record highs and
keeping the dollar well supported.
• The dollar pared some of its losses after U.S. senators struck a deal to
lift a three-day government shutdown but it was mired near a three-year low
against a basket of currencies on lingering concerns about its yield advantage
being chipped away.
• Treasury yields rose on Monday after U.S. lawmakers reached a deal to
reopen the federal government, three days into the shutdown.
• Oil prices rose, lifted by healthy economic growth as well as the ongoing
supply restraint by a group of exporters around OPEC and Russia.
• Gold prices held steady, as the dollar pared some losses but remained near
a 3-year low amid a surge in global equities after a U.S. government shutdown
came to an end.
CLOSE FII EQUITIES DEBT
INVESTMENTS
PNDF spot 63.73/ January 22 $245.30ml -$16.44ml
63.76 n n
10-yr bond 7.45 Month-to-dat $993.16ml $877.87ml
yield pct e n n
Year-to-date $993.16ml $877.87ml
n n
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 63.88 Indian rupees)
(Compiled by Nishit Kunal in Bengaluru)